Data Ethics Policy

At Saxo Bank, data ethics is a fundamental aspect of our operations, reflecting our commitment to ethical and rational decision-making and doing what is right. Our Data Ethics Policy defines a framework for a data ethical compass to meet regulatory requirements and ensure that we act within a collective agreement on data ethical questions.

Core elements of Saxo Bank’s Data Ethics

Respect for human self-determination

The individual’s freedom to make decisions and choices about matters that concern or affect their life is central to a democratic society. Saxo Bank respects human self-determination by empowering users and strengthening their data control. We focus on how to empower clients and employees through technology and enhance their understanding and ability to use their own data for their benefit.

Prevention of Harm 

Ensuring the integrity and confidentiality of data, along with managing access to data systems, is essential to safeguarding our freedom, rights, and democratic structures. Accurate and reliable data and data sources are equally important. These goals are achieved through robust security, data governance, and sustainability.

Robust security: Saxo Bank implements technical and physical security measures to protect all data under its control. It also conducts training and awareness campaigns. For third parties, Saxo Bank sets strict security requirements and rigorously screens vendors to ensure they meet the same high standards.

Data governance: Saxo Bank maintains high standards of data governance by implementing robust policies and procedures. This ensures data is classified and treated according to its classification level, remains accurate and consistent, and is protected from unauthorised access or breaches.

Dedication to sustainability: The Executive Team (ET) of Saxo Bank integrates Saxo Bank’s sustainability strategy and double materiality results into the overall strategy and operations. The ET uses the ESG Committee for support and decision-making on sustainability direction and relies on the Executive Operating Committee to ensure sustainability is consistently incorporated into core business areas, respecting the environment and societal impact.

Responsibility: Saxo Bank designs solutions to avoid negative impacts on individuals, both now and in the future. The use of personal data or new technologies should always benefit clients.

Fairness and justice 

Non-discriminative: Saxo Bank is committed to democratising trading and investments by ensuring that decisions and actions do not cause accidental bias. Saxo Bank ensures that everyone, regardless of gender, age, background, characteristics, or preferences, benefits equally from data usage. This approach aims to prevent social stigmatisation or discrimination and avoids unreasonable biases, such as prejudices or preconceptions about groups or individuals. Additionally, Saxo Bank provides everyone the opportunity to file a complaint if they believe that data processing has led to an unfair or disproportionate impact. Saxo Bank takes pride in its diverse workforce and client base, which it leverages to develop unbiased and non-discriminative solutions.

Accountability: Fairness and justice are achieved not only through data collection and usage requirements but also through Saxo Bank’s design and transparency in planning, execution, and documentation. Saxo Bank has implemented policies to ensure compliance with legislation, conduct risk assessments, and develop risk management plans, including vendor management. Organisational measures assign roles and responsibilities for decisions and tasks, establishing them within a management structure.

Transparency

Being able to explain how data is collected, categorised, analysed, and used for assessments, profiling, products, or services is crucial for building trust with our clients, partners and employees - and maintaining that trust over time. To ensure this, Saxo Bank is putting the people at the center by making use of technology and data transparency. We must be open to using our clients’ personal data. We are proud of our solutions and can openly explain how and why we use our clients’ data and the value it brings to our solutions. By adhering to these core elements, Saxo Bank aims to protect our clients and maintain their trust, making our ethical standpoint a competitive asset.